TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a varlance report that compares the planning budget to actual results. A recent variance report appears below: a TipTop Flight School Variance Heport For the Month Ended July 31 Planning Budet 180 Actual Results 185 $42.16 Variances 5.900 Lessons Revenue Expenses Instructor Aircraft depreciation Fuel Maintenance Ground facility expenses ministration Total wense Het operating Income 10,960 7,400 3.620 2,600 2,130 30,000 7,200 ,060 2,530 2,170 3.140 2020 $ 11,880 1600 200 U 560 160 40 1201 9200 54 F 39,320 $ 11,840 After several months of using these reports, the owner has become frustrated. For example, she is quite confident that Instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance, The planning budget was developed using the following formulas, where is the number of lessons sold Revenue Instructor was Aircraft depreciation Fuel Maintenance Ground facility expenses Administration $2304 5630 5469 $170 $550. 5110 $1,450 $ 53,300 + 530 Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (le, zero variance). Input oll amounts as positive values. Tip Top Flight School Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Results Budget 185 Planning Budget 180 Lessons $ 41,400 $ 42,360 Revenue Expenses 10,800 Instructor wages 10,960 7 200 7,400 Aircraft depreciation Fuel Maintenance Ground facility expenses Administration 3,620 2,690 2.130 3.720 30,520 $11.840 3,060 2,530 2,170 3,840 29,600 11,800 Total expense Net operating income $